Stillfront Group Ab · OMXSTO:SF
Stillfront Group Ab — Q4 2025 Earnings Presentation
12 slides from Stillfront Group Ab's earnings presentation, Feb 4, 2026
Slide 1: Stillfront Group Q4 2025
Stillfront Group Q4, 2025 »
Slide 2: Speakers
Speakers Alexis Bonte Emily Villatte President & Group CEO Group CFO
Slide 3: Margin expansion despite revenue decline
Margin expansion despite revenue decline ▪ Group Adj. EBITDAC margin 27% (25%) despite organic revenue decline of -9.4% ▪ Europe delivers BIG franchise new game launch & divests Narrative portfolio ▪ North America continues efficiency focus ▪ MENA & APAC lead growth 3
Slide 4: Europe: BIG franchise game launch & Narrative portfolio divestment
Europe: BIG franchise game launch & Narrative portfolio divestment Net revenue UAC Adj EBITDAC (organic growth, %) (UAC/Net revenue, %) (margin, %) 622SEKm, ( -5.7%) -227 SEKm, ( -37%) 94 SEKm, (15%) 1 000 7,5% -300 -60% 200 30% 750 1,5% -45% -200 20% -4,5% 500 -30% 100 -10,5% -100 10% 250 -16,5% -1
Slide 5: North America continues efficiency focus
North America continues efficiency focus Net revenue UAC Adj EBITDAC (organic growth, %) (UAC/Net revenue, %) (margin, %) 197 SEKm, ( -31.3%) -88 SEKm, ( -45%) 23 SEKm, ( 12%) 600 0,0% -300 -80% 45 16% 450 -225 -60% 12% -12,0% 30 300 -150 -40% 8% -24,0% 15 150 -75 -20% 4% 0 -36,0% 0 0% 0 0% 4Q24 1Q2
Slide 6: MENA & APAC lead growth
MENA & APAC lead growth Net revenue UAC Adj EBITDAC (organic growth, %) (UAC/Net revenue, %) (margin, %) 537SEKm , (+6.6%) -40SEKm, ( -8%) 288 SEKm, (5 4 %) 600 10,0% -50 -8% 375 60% 450 8,0% -40 -6% 300 45% 6,0% -30 225 300 -4% 30% 4,0% -20 150 150 2,0% -10 -2% 75 15% 0 0,0% 0 0% 0 0% 4Q24 1Q25 2Q2
Slide 7: Financial highlights in the quarter
Financial highlights in the quarter Net revenue UAC Adj EBITDAC Free cash flow (organic growth, %) (UAC/Net revenue, %) (margin, %) LTM 1,356 -356SEKm, ( -9.4%) SEKm, ( -26%) 368 SEKm, (27%) 922 SEKm 1 800 0,0% -600 -40% 450 40% 1200 1 600 -4,0% -30% 30% 900 -400 400 1 400 -8,0% -20% 20% 600 -200 35
Slide 8: Healthy free cash flow
Healthy free cash flow LTM LTM 4Q25 4Q24 SEKm Q4 2025 Q4 2024 Free cash flow 922 1,050 Cash flow from operations (before NWC) 378 374 Change in net working capital 62 117 Acquisition and divestment of business - 583 - 444 Cash flow from operations (CFFO) 440 491 Change in borrowings - 273 - 98 Cash
Slide 9: Financial position reflects continued deleveraging
Financial position reflects continued deleverag e Total d ebt profile Maturity profile Net debt, incl NTM cash earnouts SEKm SEKm SEKm (Leverage ratio*) 6,125 5,656 5,310 620 5,086 5,042 2 032 2,2 1 871 1 114 2,1 2,1 1 111 2,0 1 294 1,9 4 736 2 633 4 603 4 379 4 381 4 093 4 196 4 222 3 784 3 975 3 7
Slide 10: Updated reporting structure focusing on key franchises
Updated reporting structure focusing on key franchises Previous organization (three operating segments) New organization (one operating segment) Group Executive Group Executive Business Area Business Area Business Area Europe North America MENA & APAC 5x Key Franchises 2x Key Franchises 3x Key Franc
Slide 11: Focus going forward
Focus going forward 1 Continued improvements 2 Focus on key franchises 3 Disciplined investments 4 Healthy cash flows 5 Strategic review remains in progress 11
Slide 12: ID Stillfront
ID Stillfront